Market View 15th July 2022

View on market: Stay Cautious, be with quality business:

Stocks fell in Asia on Friday as the dollar held a surge that underscores concerns about a global economic slowdown as monetary policy tightens to tackle inflation. S&P 500 and Nasdaq 100 futures edged up after Wall Street shares closed off lows as expectations of a 100 basis-point US interest-rate hike in July receded. Growth fears are putting pressure on commodities ranging from metals to crude oil, which remains around $96 a barrel.

Economic Calendar:

• INR: Bank Loan Growth 15^th July, 2022
• INR: Trade Balance 15^th July 2022.
• USD: Industrial Production 15^th July, 2022.
• USD: Core Retail Sales 15^th July, 2022

Q1FY23 Result Today: JindalSteel&Power, Federal Bank, LTTS

Q1FY23 Result

Tata Elexi Q1 FY23 (Consolidated, YoY) reported a 63% year-on-year growth in its consolidated net profit at ₹184.7crore for the quarter ending 30 June, 2022 Revenues from operations at Rs 725.9 crore grew by 30 percent YoY and EBITDA increased 58.8 percent YoY to 238.2 crore in Q1FY23.

ACC Q1 FY23 (Consolidated, YoY) posted a 60% on-year decline in consolidated profit at Rs 227 crore in quarter ended June 2022 dented by rising global fuel costs and related inflationary impacts. EBITDA fell 51 percent YoY to Rs 426 crore and margin declined by 1,310 bps to 9.7 percent in Q2CY22. Revenue increased by 15 percent YoY to Rs 4,393 crore with cement sales volumes up 10.5 percent at 7.56 million tonnes and ready mix concrete sales volumes up 43.1 percent at 0.83 million cubic metres.

Angel One Q1 FY23 (Consolidated, YoY) reported a healthy 46.5 percent year-on-year growth in consolidated profit at Rs 181.50 crore for the quarter ended June 2022, backed by strong topline. Revenue grew by 45 percent YoY to Rs 669.8 crore in Q1FY23 with healthy growth in fees and commission income, and interest income.

Brokerage Radar:

CITI ON ACC: Buy, TP Cut to Rs 2460 from Rs 2720 2Q Slightly Below; Costs Likely at Their Peak ACC’s current val (EV/t $105) together with upsides from potential synergies with Adani Group make it an attractive bottom-up play

UBS ON ACC: : Downgrade to N, TP cut to Rs 2286 2Q CY22 EBITDA declined 51% YoY, marginal 2% beat 1-qtr delay in growth & cost efficiency projects modest upside capped by lack of near-term earnings tailwinds Reduce CY22E/23E est by 29%/10%

NOMURA ON LTI: Reduce, TP Rs 3680 Modest beat in 1QFY23 Robust headcount addition continues Rev growth tad below consensus, strong outlook for 2QFY23F EBIT beats expectations led by non-recurrence of license fees and higher forex

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DII:

News Update:

Cipla: Subsidiary Cipla Health has signed definitive agreements for acquisition of Endura Mass, a nutritional supplement brand in the category of weight gain from Medinnbelle Herbalcare Private Limited. Endura and all other associated trademarks would be part of the acquisition.

Syngene International: The company has signed 10-year biologics manufacturing agreement with leading animal health company, Zoetis. It will manufacture the drug substance for Librela (bedinvetmab), a monoclonal antibody used for treating osteoarthritis in dogs. Syngene’s collaboration with Zoetis has started in 2011.

Uti Asset Management : Today is the Ex-dividend date for UTI AMC Stock.

Source: Moneyontrol, Livemint,, Bloomberg, Investing

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014

Elite Wealth Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.
For analyst certification and other important disclosures, see the Disclosure Appendix, or go to www.elitewealth.in. Analysts employed by Elite Wealth Limited are registered/qualified as research analysts with SEBI in India.( SEBI Registration No.: INH100002300)
Disclosure Appendix
Analyst Certification (For Reports)
Israil Khan, Elite Wealth Limited, suhail@elitewealth.in
The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth Limited.
As to each individual report referenced herein, the primary research analyst(s) named within the report individually certify, with respect to each security or issuer that the analyst covered in the report, that:
(1) all of the views expressed in the report accurately reflect his or her personal views about any and all of the subject securities or issuers; and
(2) no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in the report.
For individual analyst certifications, please refer to the disclosure section at the end of the attached individual notes.
Research Excerpts
This note may include excerpts from previously published research. For access to the full reports, including analyst certification and important disclosures, investment thesis, valuation methodology, and risks to rating and price targets, please visit www.elitewealth.in.
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or emailing research@elitestock.com with your request. Elite Wealth Limited may screen companies based on Strategy, Technical, and Quantitative Research. For important disclosures for these companies, please e-mail research@elitestock.com.
Options related research:
If the information contained herein regards options related research, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the risk disclosure documents, please contact your Broker’s Representative or visit the OCC’s website at https://www.elitewealth.in
Other Disclosures
All research reports made available to clients are simultaneously available on our client websites. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your respective broker’s sales person.
Ownership and material conflicts of interest Disclosure
Elite Wealth Limited policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst’s area of coverage. Analyst compensation: Analysts are salary based permanent employees of Elite Wealth Limited. Analyst as officer or director: Elite Wealth Limited policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, board member or employee of any company in the analyst’s area of coverage.
Country Specific Disclosures
India – For private circulation only, not for sale.
Legal Entities Disclosures
Mr. Ravinder Parkash Seth is the Managing Director of Elite Wealth Ltd (EWL, henceforth), having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, is a SEBI registered Research Analyst and is regulated by Securities and Exchange Board of India. Telephone:011-43035555, Facsimile: 011-22795783 and Website: www.elitewealth.in
EWL discloses all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:
1. Reports
a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL or its associates or relatives, have no actual/beneficial ownership of one per cent. or more in the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance;
(c) EWL or its associate or his relative, has no other material conflict of interest at the time of publication of the research report or at the time of public appearance;
2. Compensation
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(d) EWL or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(e) EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report.
3 In respect of Public Appearances
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report and the types of services provided by EWL